So you wanna buy a business?

Thinking about a new business but unsure whether to ‘go it alone’ or take the franchise path? How do you evaluate the franchise?

Here’s a few aspects to franchising that you should look for when considering this important decision:

Look for a franchise with a strong brand. This can be on a regional or national level and should hold particular value in the eyes of your customer.

Successful track record. A good franchising company will have developed methods of doing business that work well in producing great results. Information within disclosures provided also allows you the opportunity to work out who you are doing business with long term.

Training programs are integral to any good franchising company as a tool to bring you up to speed, not only today but also in the future as markets and opportunities change.

Ongoing support means that you are provided with assistance along your journey building and operating your business, whilst being encouraged to take the opportunity to raise new ideas.

Assistance with marketing to provide you with tools and strategies for attracting and retaining customers, including loyalty programs, is critical.

Design and finance of your business. A good way to sum this up is “Put your money where your mouth is”. If a franchising company is willing to finance a business, it means they have not only the ability to do so, but they also have faith in the location.

As you seek out the best way to buy a business you must realise that there is give-and-take. For example you will have to pay fees that you can avoid in a stand-alone business. However, part of those fees you might pay relate to the fact that you are buying a proven system. Hence the chances of making any business mistakes are almost negligible.